Cyprus Mail
Cyprus

New development for Phinikoudes

Larnaca municipality sold off the land formerly housing the town hall for €5 million to Lanomex Development Ltd which plans to construct a luxury five-star hotel, a shopping complex, apartments, offices and recreational and leisure developments in the Phinikoudes area.

According to a statement, Larnaca Mayor Andreas Louroutjiatis said: “This is a very important investment that will give Larnaca a new lease of life at a critical period for the Cypriot economy.”

“The potential of this particular investment proves that Larnaca has the capability of attracting serious and reliable foreign investments that contribute towards creating a positive business climate for financial development and creating new jobs,” he added.

Lanomex, a Russia company said they would also rejuvenate some public areas surrounding the development at a cost of €1.2 million and has received planning and building permits, the Cyprus News Agency reported.

The agreement follows a Cabinet approval.

 


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